Thursday, Nov 02, 2006

New Land Registry Index Shows Yet More HPI

Home.co.uk News: Strong house price rise shown in new index

Land Registrys new monthly index shows house prices in England and Wales have risen strongly, with the average house price reaching 169,569. The growth rate has accelerated to 1.3%, compared to the 0.4% growth in the same month last year.

It is the first time since October 2004 that monthly price growth has exceeded 1%...

Posted by tinecu @ 09:21 PM (416 views)
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3 Comments

1. monty said...

Gee wiz. Nice cut 'n paste report there home.co.uk.
Loads of value added.

Friday, November 3, 2006 08:37AM Report Comment
 

2. Tinecu said...

Yes Monty, its rather thin on detail. Journalism seems to be getting worse and worse. Like Why a new index? Well monthly is better than quarterly but the really intersting part (for those statisticians out there) is "As the HPI measures average price changes in repeat sales on the same property, the price change on a flat in Mayfair is not compared with the change on a flat in the Old Kent Road. This gives a like for like comparison, making it the most accurate index currently available" (from the LR website but not really mentioned in the article). This suggests they are using Repeat Sales Regression analyisis...which I think maybe a 1st for the UK gov (already used in US gov reports for some time)...and deals with the problem that most Indices face and that is that much of the time they are comparing 'apples with oranges' . This RSR system is biased toward data that show the same property being sold multiple times. This link has some more details about the RSR method: http://www.home.co.uk/guides/house_prices_indices/repeat_sales.htm

Friday, November 3, 2006 10:24AM Report Comment
 

3. Nohpc said...

So are we booming again?

Friday, November 3, 2006 10:29PM Report Comment
 

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